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Baltimore | June 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore MLS market area fell three percent in May to a reading of 148. Although declining marginally over the month, May marked the third consecutive month of High buyer demand. The Index was 10 percent higher than one year earlier although the May 2020 reading was influenced by restrained market activity during the early stages of the pandemic.
Among the six types of homes tracked by the Index, only the lower-priced single-family segment exhibited softness with Limited demand in May, continuing a months-long trend. Demand for single-family homes priced above $590,000 and condos priced above $310,000 was extraordinarily strong. Inventory conditions remained tight among all types of homes ranging from a 0.8 months supply for mid-priced single-family homes to a 2.4 months supply for higher-priced condos. Overall, the months supply was little changed for each type of home compared with April.
Monthly Statistics for June 2021
Home Demand
Index
148
(High)
Home Demand Index
from prior month
153
Home Demand Index
from prior year
134
Index change
from prior month
-3.3%
Index change from
same time last year
10.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Home Demand Index | Historical Year-over-Year Comparison

While buyer demand for homes in the Baltimore market area softened in May, the Index has risen by 68 percent since reaching a seasonal low in December. The strength of buyer interest can be traced to several factors including low mortgage interest rates and rising demand generated by a strengthening economy. In fact, the Index has been higher than year-earlier levels for 10 of the past 12 months.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Home Demand Map

Slightly more than half of ZIP codes in the Baltimore market area recorded a May Index in the High category, which was about the same as the month before. Buyer interest in an additional 15 percent of ZIP codes was in the Moderate category. The remaining areas of softer buyer demand were generally located in Baltimore City and in ZIP codes in the northern portion of the market area.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Demand and Inventory by Home Type

Among the six types of homes tracked by the Index, only the lower-priced single-family segment exhibited softness with Limited demand in May, continuing a months-long trend. Demand for single-family homes priced above $590,000 and condos priced above $310,000 was extraordinarily strong. Inventory conditions remained tight among all types of homes ranging from a 0.8 months supply for mid-priced single-family homes to a 2.4 months supply for higher-priced condos. Overall, the months supply was little changed for each type of home compared with April.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Single Family Home Below $250k

The Bright MLS | T3 Home Demand Index for lower-priced single-family homes fell 10 percent to a May reading of 62, a level reflecting only Limited demand. Buyer interest was lower than one year earlier despite favorable mortgage interest rates. In addition to diminishing affordability, would-be buyers found few homes available for sale. In May, the average daily inventory was 235 homes for sale for the entire market area, which translated into a one-month supply at the current sales pace.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
62
(Limited)
Home Demand Index
from prior month
69
Home Demand Index
from prior year
104
Months of
inventory
1
Average daily inventory last month
235
Inventory sold
last month
230
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Single Family Home $250k - $590k

Buyer interest in mid-priced single-family homes was little changed over the month and remained at a High level. Compared with one year earlier, the Index was 16 percent higher showing that buyer interest remained strong even as prices continued to rise. This segment accounted for about one-quarter of all homes for sale in the Baltimore market area, but strong demand and elevated sales resulted in a months supply of just 0.8 in May.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
165
(High)
Home Demand Index
from prior month
166
Home Demand Index
from prior year
142
Months of
Inventory
0.8
Average daily inventory last month
1,018
Inventory sold
last month
1,285
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Single Family Home Above $590k

Demand for higher-priced single-family homes was intense in May. The Bright MLS | T3 Home Demand Index, at 271, was well above the threshold indicating High demand. Moreover, the Index rose during the month in contrast to stable demand for other types of homes. Inventory conditions were only slightly more favorable compared with other single-family segments with a months supply of 1.3.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
271
(High)
Home Demand Index
from prior month
260
Home Demand Index
from prior year
193
Months of
Inventory
1.3
Average daily inventory last month
645
Inventory sold
last month
504
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Condo Below $310k

Demand for lower-priced condos fell marginally in May and remained in the Moderate category. Compared with one year earlier, the Index was down somewhat as well. Inventory conditions remained challenging with a months supply of 1.2, up from 1.1 in April.
Monthly Statistics for Condo Below $310k
Home Demand
Index
123
(Moderate)
Home Demand Index
from prior month
126
Home Demand Index
from prior year
127
Months of
Inventory
1.2
Average daily inventory last month
232
Inventory sold
last month
190
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Condo Above $310k

Demand for higher-priced condos was stronger than any other segment of the Baltimore market area. The Index, at 282, was virtually unchanged from the previous month and has remained at a High level for the past several months. There was a 2.4 months supply of homes available for sale which, although low, was still higher than any other segment of the market.
Monthly Statistics for Condo Above $310k
Home Demand
Index
282
(High)
Home Demand Index
from prior month
281
Home Demand Index
from prior year
138
Months of
Inventory
2.4
Average daily inventory last month
164
Inventory sold
last month
67
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | June 2021

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for townhouses fell 10 percent in May to a reading of 151 but was still well above the same month one year earlier. Despite the decline, buyer interest remained in the High category. The months supply, at 1.1, was unchanged over the month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
151
(High)
Home Demand Index
from prior month
168
Home Demand Index
from prior year
129
Months of
Inventory
1.1
Average daily inventory last month
1,822
Inventory sold
last month
1,688
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Note

1. This report is generated with data from the following counties: Anne Arundel, MD; Baltimore City, MD; Baltimore, MD; Carroll, MD; Harford, MD; Howard, MD
2. This report is for the June 2021 period with data collected from the previous month.
Released: June 10, 2021
Reference ID: 1274

Baltimore | June 2021

Home Demand Map (Zip Codes)

Slightly more than half of ZIP codes in the Baltimore market area recorded a May Index in the High category, which was about the same as the month before. Buyer interest in an additional 15 percent of ZIP codes was in the Moderate category. The remaining areas of softer buyer demand were generally located in Baltimore City and in ZIP codes in the northern portion of the market area.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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